AWARD-WINNING PARTNERSHIP

Established in 1998, Excel Funds Management Inc. is a multiple award-winning investment manager. The company offers actively-managed core and specialty investment solutions to retail and institutional investors, including access to the largest suite of emerging markets investments in Canada. Excel’s primary focus is on generating diversified sources of return to help clients achieve their discerning short and long term objectives. The company’s strategic alignment with active, on-the-ground sub-advisors who work in collaboration with its in-house managers, enhances the depth and breadth of its portfolio management team. Through its sub-advisor network, Excel benefits from the expertise and knowledge base of over 600 portfolio advisors who collectively manage over UD$1.5 trillion in assets.

Birla Sun Life AMC Limited is one of the largest asset managers in India, with approximately US$26 billion in assets under management, as at December 31, 2016. With a team of 37 portfolio managers and 25 research analysts, Birla Sun Life places a strong emphasis on in-house systematic research.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

All statements in this update, other than statements of historical fact, and including statements regarding the future economic effects of events, are “forward-looking statements”. These forward-looking statements reflect the current beliefs of the Fund’s portfolio manager and are based on information available to the Fund as of the date of this update. Actual results may differ materially as they are subject to a number of significant risks and uncertainties. Excel Funds has no obligation to update or revise the forward-looking statements in this update.